Total deposits at Arizona banks fell nearly $19 billion in the past year as the industry continues to face inflation, economic uncertainty and rising interest rates. Some 63 banks operating in Arizona held more than $209 billion in deposits at the end of June, compared to $227.8 billion in June 2022, according to an annual report published this month by the Federal Deposit Insurance Corp. It marks the first decline in deposits in seven years at banks operating in Arizona.The FDIC survey determines market share in each state by calculating the amount of deposits each bank holds compared to others. The most recent report was published Sept. 22 and is current as of June 30 of each year.Three of the largest financial institutions in the U.S. — JPMorgan Chase, Wells Fargo and Bank of America — dominated by holding 62% of the Arizona market during the past year, with deposits totaling a collective …
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